Top of the Street: Carlsberg, Direct Line, Admiral, Elia
A round-up of notable broker activity this morning from Europe's top-ranked* analysts:
** Barclays cuts Carlsberg CARLb.CO to "equal weight" from "overweight", warning of the impact of consumer confidence in China on the Danish brewer's organic growth
INITIATIONS AND REINSTATEMENTS
** Exane BNP Paribas initiates Direct Line DLGD.L with "sector perform" and stays cautious on the British motor insurer's ROE target even though it sees scope for the stock to grow near term
** The broker initiates Direct Line peer Admiral ADML.L with "outperform", seeing the insurer's short term 6%-8% EPS above the consensus number as it expects operating leverage to boost earnings
** Morgan Stanley initiates Elia ELI.BR with "overweight" as the Belgian electricity group targets its RAB growth at a 20% CAGR, while the sector is set to grow 8% on average
(*Analyst rankings from Thomson Reuters StarMine. The scale is from 1-star to 5-star with 5 being the best. Analysts are ranked on earnings accuracy as well as relative performance of recommendations over trailing 12-month & 24-month periods.)
Reporting by Olivier Cherfan and Boleslaw Lasocki
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